Saturday, Mar 24th

Last update05:20:13 AM GMT

You are here News Energy A Win for Wall St.: Rule Restraining Speculation Rejected by U.S. Judge

A Win for Wall St.: Rule Restraining Speculation Rejected by U.S. Judge

E-mail Print PDF

Oil speculationThe U.S. Commodity Futures Trading Commission rule restraining speculation was rejected by a federal judge, handing a victory to two Wall Street groups that challenged the constraints.

U.S. District Judge Robert Wilkins in Washington today ruled that the 2010 Dodd-Frank Act is unclear as to whether the agency was ordered by Congress to cap the number of contracts a trader can have in oil, natural gas and other commodities without first assessing whether the rule was necessary and appropriate.

“Although the court does not foreclose the possibility that the CFTC could, in the exercise of its discretion, determine that it should impose position limits without a finding of necessity and appropriateness, it is not plain and clear that the statute requires this result,” the judge said in his 43-page ruling.

The International Swaps and Derivatives Association Inc. and the Securities Industry and Financial Markets Association sued the commission, arguing that the CFTC never studied whether the regulation was “necessary and appropriate” or quantified the costs tied to implementing the rule. The groups represent banks and asset managers including JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS) and Morgan Stanley. (MS)


Most Recent Related Stories...

Oil industry falls out of love with Trump

Oil and Gas fall out of love with TrumpThe oil and gas industry’s relationship with President Donald Trump is cooling off. The administration’s 25 percent...

Emergency official: 5 missing after Oklahoma rig explosion

Oklahoma rig explosionFive people are missing after a fiery explosion ripped through an eastern Oklahoma drilling rig Monday...

Watchdog: Texas company illegally charged Energy Dept. $2.5 million in expenses

Summitt Texas Clean Energy charged illegal fees to US gov.t A government watchdog has found that a Texas energy company likely charged the Department of Energy $2.5...

Energy agency rejects Trump bid to boost coal, nuclear power

Rick PeerryAn independent energy agency on Monday rejected a Trump administration plan to bolster coal-fired and nuclear...
America's # 1 Enemy
Tee Shirt
& Help Support!
TVNL Tee Shirt
Conserve our Planet
& Help Support!
Get your 9/11 & Media
Deception Dollars
& Help Support!
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!